U.S. Trade Deficit |Widens by $108 Billion

WASHINGTON (CN) – The U.S. trade deficit widened by $108 billion in the third quarter of this year, up by $10 billion from the previous quarter, the Commerce Department announced Wednesday. The government said harsher losses were driven by a growing deficit on the sales of goods, partially countered by a slight increase in the services surplus.

The deficit increase follows four consecutive quarters of shrinking deficits. From July through September, increases in imports of goods outpaced exports, spurring the goods deficit to grow by $16 billion to hit $132 billion in the third quarter. Services surplus grew by $600 million to reach $34.8 billion. The value of exports of goods increased by $18 billion to reach $264 billion, driven by car product and industrial material sales. Imports rose more quickly, growing by $35 billion to reach $396 billion. The boost was driven by oil and car purchases. For services, imports increased $3 billion to hit $128.6 billion. Exports increased by almost the same amount, $3 billion. Growth in both was triggered in part by increased tourism abroad and in the United States.